Personal Financial Planning

Topics

February 1, 2019

Educating students for expanded financial planning careers

The AICPA is integrating personal financial planning into university-level curriculum in a manner that would help prepare prospective CPA candidates to qualify for the Personal Financial Specialist credential shortly after obtaining their CPA license.

January 17, 2019

Divorce post-TCJA: unexpected consequences

This article discusses changes that might affect clients that are divorced, are in the process of divorcing, or that have prenuptial or post-nuptial agreements.

December 1, 2018

Whether to choose a 529 or a Roth IRA to fund education expenses

This article discusses options available to clients to help pay for their children’s or grandchildren’s education.

December 1, 2018

Top seven mistakes when claiming Social Security benefits

CPA financial planners need to consider their clients’ unique circumstances and help them avoid mistakes that could lead to the wrong decision.

September 1, 2018

Financial planning dialogues around Form 1040

A Form 1040 review with clients can facilitate a discussion on strategies to address major tax law changes.

June 1, 2018

Tax planning following the Tax Cuts and Jobs Act

This column discusses advising clients on the implications for choice-of-entity decisions, charitable
giving strategies, and estate, retirement, and higher education planning.

May 1, 2018

Counterintuitive tax planning: Increasing taxable scholarship income to reduce taxes

This article discusses the potential benefit of choosing to include scholarships or grants in income.

April 1, 2018

Current U.S. tax incentives for higher education expenses

This article examines the requirements and limitations taxpayers face when seeking benefits of significant education-related income tax provisions.

March 1, 2018

Divorce and taxes: Hidden traps and your map around them

CPAs are in a key position to assess tax implications
of property divisions and must consider professional responsibility standards if the ex-spouses both want
to remain clients.

December 1, 2017

The CPA’s role in advising clients about the value of life insurance assets

Life insurance can be a surprisingly valuable hidden asset for clients who are retired.

December 1, 2017

Managing tax brackets in retirement

A tax adviser can help a client smooth out the high-income-tax peaks and the corresponding lower-tax-bracket years with an effective bracket-management strategy.

November 1, 2017

Advantages of a one-person 401(k) plan

These plans can allow a large amount to be contributed on behalf of the owner while maintaining flexibility in making contributions in future years.

October 26, 2017

Budgeting for realized gains

Disciplined planning for realizing gains lessens the potential for unanticipated taxes or ugly year-end surprises.

October 1, 2017

Federal retirement savings plan ended

Due to “extremely low” demand and high costs, the Treasury Department announced that it is ending the myRA retirement savings program.

September 1, 2017

Dispelling uncertainty: Scenario analysis for client security

A range of economic, political, personal, and other uncertainties can lead to clients having deep-seated fears about doing any one thing.

August 1, 2017

How to avoid penalties when a planned rollover goes awry

Taxpayers can take advantage of certain guidance to avoid a penalty if something goes wrong when trying to complete a rollover.

June 1, 2017

Uncompensated risk: The orphan of modern portfolio theory

Most fiduciaries breach a fiduciary duty simply because they ignore or neglect to follow the stated legal requirements for uncompensated risk management.

April 13, 2017